Yesterday on Fox News, Weekly Standard editor Fred Barnes blamed Democrats in Congress for causing the Dow Jones industrials to close Monday down 372 points. “I think it was Congress stepping in and saying, ‘We’re going to settle the terms of how the Treasury Department acquires these illiquid assets,’” Barnes said. Then, citing opposition to the Bush administration’s proposed plan to bail out Wall Street, Barnes offered Treasury Secretary Henry Paulson some advice: Just don’t call it a “bailout,” call it a “rescue”:
BARNES: We would be in a better situation, or at least the Treasury Secretary Hank Paulson would if this were known as a “rescue” rather than a “bailout.” “Bailout” sounds terrible. Who is for a bailout? A lot of people are for a rescue.
Later in the show, Barnes said that “if we had a national referendum on whether people want Congress to set the terms or Hank Paulson, I think Paulson would win.”